International payments for trade are typically routed through the US banking system in New York, and settled in US dollars.

China launch CIPS (China International Payments System).

Image Chinese Yuan courtesy of Prison Planet, Wiki Commons

A few years ago China started working on an alternate competing system whereby international payments no longer needed to clear through the US. It’s called the China International Payments System (or CIPS) and it was launched early October 2015

So far CIPS is just been being provisionally tested; 11 out of 19 banks using it are Chinese and state-owned. But many banks, particularly in Europe, have already agreed to join the network.

If successful, CIPS could take a substantial market share from the US banking system, giving foreign banks and governments less and less reason to hold US dollars and US government debt.

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